{
  "docId": "019dd923-622c-750b-8b98-f7d835dc2a36",
  "docSlug": "0a3a22290f60",
  "documentTitle": "GFL Environmental Inc. (GFL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-08-18 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 58,
  "pageCount": 106,
  "prevPage": 57,
  "nextPage": 59,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "overcrowded",
  "nDataPoints": 45,
  "notes": "Includes red arrows indicating the flow of calculations between the two tables.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-f7d835dc2a36/58",
  "deckHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-f7d835dc2a36#slide-58",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Spruce Point believes the Tangible Equity Units (TEUs) should be bifurcated between their debt and equity components. The instruments can be separated by the holders, and settled at any time at the holder's option.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bca5-4025d55158ac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Enterprise Value: C$17,654.9",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bca5-48f8f48914ed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Spruce Point believes the Tangible Equity Units (TEUs) should be bifurcated between their debt and equity components. The instruments can be separated by the holders, and settled at any time at the holder's option.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "240e2632-26de-490d-98c6-6b9019a618fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Each amortizing note will have an initial principal amount of US$8.5143, will bear interest at the rate of 4.00% per annum and will have a final installment payment date of March 15, 2023. Upon any settlement on the mandatory settlement date, we will deliver not more than 2.6316 subordinate voting shares and not less than 2.1930 subordinate voting shares per purchase contract, subject to adjustment, based upon the applicable settlement rate and applicable market value of our subordinate voting shares — Prospectus",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bca5-44b28018792d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "1) For Spruce Point adjustments and for planned Waste Management and WCA asset acquisitions\n2) Per the prospectus...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8cd6ea43-c95a-4e18-b9f6-4cf86417132e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.38,
        "x": 0.58,
        "y": 0.26
      },
      "kind": "table",
      "text": "Secondary table detailing the bifurcation methodology for TEUs.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "15a0162b-cbeb-44ae-be83-bc8626fbbc3d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.55,
        "x": 0.05,
        "y": 0.26
      },
      "kind": "table",
      "text": "Main pro forma adjustment table showing shares, market cap, debt, and enterprise value.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2dff8d3a-bb03-437e-b0f7-5eb24b8eef78",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.65,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "The Market Miscalculates GFL's Valuation And Leverage",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d3ace28f-4781-4378-8683-f3ae3e76499b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "5bbc1bde-eb37-4414-a928-db175bb88b5d",
      "evidence": "Bifurcation of TEUs into debt and equity components for valuation adjustment.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}